Cryptocurrency scam ringleader pleads guilty to defrauding victims of $250 million

Malone Lam, a 22-year-old from Singapore, worked with conspirators who posed as tech employees to convince victims to grant them access to their cryptocurrency funds, which then funded their lavish lifestyle.

WASHINGTON (CN) — A Singaporean man charged with leading a scheme to steal and sell cryptocurrency, who operated under the alias “Anne Hathaway,” pleaded guilty to his role in the conspiracy on Tuesday.

Malone Lam, 22, pleaded guilty to one count of Racketeer Influenced and Corrupt Origination, or RICO, conspiracy related to the theft of over $250 million worth of cryptocurrency stolen from Americans by acting as tech employees and convincing the victims their accounts had been hacked to gain access to the funds.

Lam, who used other online aliases such as “King Greavys” and “$$$,” faces a maximum of 20 years in prison under the statute 18 U.S. Code Section 1962(d). He may also be deported back to Singapore, or another country of his choosing.

Senior U.S. District Judge Colleen Kollar-Kotelly, a Bill Clinton appointee, has presided over Lam and at least eight other defendants involved in the cryptocurrency scheme, via which the individuals funded a lavish lifestyle that included over $500,000 spent per night at nightclubs in Miami, mansion rentals in Los Angeles, Miami and the Hamptons and multiple exotic cars.